Key Points:
- Ripple’s banking plan may drive XRP to $4.
- Ripple targets small banks with its new strategy.
- Whale activity suggests strong potential for an XRP surge.
Ripple’s Banking Plan Could Fuel a Big XRP Price Increase
Ripple’s XRP has been holding steady against major cryptocurrencies like Bitcoin and Ethereum. Recently, a new pattern has formed, suggesting that XRP might see a significant price jump. Ripple’s latest plan to work with smaller banks could be the key to pushing XRP even higher.
On August 30, Ripple shared a new whitepaper detailing its plan to help small banks by making payments faster and cheaper. This strategy uses Ripple’s tools like xRapid and xCurrent, which are designed to help small banks compete with larger ones. Ripple has already started working with banks in Southeast Asia and the Middle East, which could set the stage for XRP’s price to climb. The end of Ripple’s legal case with the SEC also adds to the positive outlook, especially if no appeal is filed by October 7.
XRP Price Analysis: Could It Reach $4?
XRP has been forming a falling wedge pattern, marked by lower highs and lower lows since July. This pattern often leads to a strong price breakout. A similar pattern happened in 2019 and 2020, leading to a huge 742% increase that brought XRP to $1.96. If this happens again, XRP could see a similar surge in 2024, possibly hitting $4.
Despite the positive outcome of the SEC lawsuit, XRP hasn’t seen the big rally many expected. However, Ripple’s new banking strategy might change that. If the current pattern follows past trends, XRP could rise nearly 600%, setting a new high at $4.
Whale Activity Backs a Positive Outlook for XRP
Another positive sign is the activity of large XRP holders, known as whales. Data shows that these big investors, who hold between 100,000 and 10 million XRP tokens, have been increasing their holdings. This pattern is similar to what happened before XRP’s big rally in 2020, suggesting that they expect another price surge.
However, there are some risks. If XRP falls below the $0.522 support level, it could invalidate the bullish outlook, leading to a potential drop of 26% to the lower limit of the wedge at $0.382.
Looking Forward
Ripple’s new banking strategy and the resolution of its SEC case have set the stage for a possible major rally in XRP’s price. Historical patterns, along with increased whale activity, suggest that XRP could reach $4 soon. While there are risks, the signs point to a strong chance for significant gains in XRP’s value. Investors should keep an eye on key support levels and be ready for a potential price surge if the positive trends continue.
